4 Strategies for Growing Your Savings

"TheSmartConsumer is an Amazon Associate, we may earn commissions from links on this page that you click on and make qualifying purchases, thanks for helping support us"

change

Every year your budget gets stretched and every year you promise you are going to start saving some cash to the side but you never do it. Sound familiar? If so, here are strategies for growing your savings this year.

Sell Your Insurance Policy

Everyone has that old insurance policy that they took out on a whim. The paperwork is likely lurking around in your spare cabinet and you most likely can’t even remember the details. Did you know that you could sell that policy through a life settlement? That’s right if you have a policy that you no longer want to keep active, there are plenty of companies online that will buy that policy from you. You’ll receive a cash lump sum and the company will receive the death benefit when you pass away. Take some time to find a guide online that will explain everything you need to know. 

Pay Yourself

You see this everywhere when it comes to saving tips, but the way it works is that you take your gross income and subtract a bit from it for savings before all the money disappears on rent and bills. This works in terms of growing your savings because there is room for maneuverability in every budget – you just need to find the spots where you can reduce spending and save those dollars instead. Grocery shopping, entertainment, and eating out are three categories you should look at first. You can make saving much easier on yourself by using something like a fixed-term ISA or another secured paying-in account which means you can’t remove the money from the pot you put it in for a certain amount of time. 

More:  Ways to Save Money During a Pandemic

Start a Side Hustle

There are literally hundreds of side hustles you could be doing right now. Love dogs? You could do dog sitting or dog walking. Do you have a hobby that you love? Why not make it a money spinner by selling some products or writing a book. Or would you prefer to get a part-time job in your local bar in the evenings? If you’re tech-savvy you could start a blog or take up a gig freelance writing for different marketing companies. There are so many ways to make some extra cash so put your thinking cap on and decide how much time and energy you have to dedicate to your new venture.  

Save Your Bonuses

Christmas comes around and you receive a nice bonus from your boss. The first thing you want to do is rush off and treat yourself to something in the shops. That’s totally normal but it’s not the best thing to do if you’re serious about growing your savings. This is money you haven’t budgeted for and money you wouldn’t normally have so why not put it to good use and keep it for a rainy day? Just remember that you’ll get to enjoy that money someday and your future self will thank you when you have those extra funds for going away on vacation.